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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NorthWestern Energy Group's Beneish M-Score or its related term are showing as below:
NWE'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.56 Max: 6.24
Current: -2.54
During the past 13 years, the highest Beneish M-Score of NorthWestern Energy Group was 6.24. The lowest was -2.85. And the median was -2.56.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NWE vs MGEE, POR, TXNM: Beneish M-Score Comparison
For the Utilities - Regulated Electric subindustry, NorthWestern Energy Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NorthWestern Energy Group Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, NorthWestern Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NorthWestern Energy Group's Beneish M-Score falls into.
NorthWestern Energy Group Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of NorthWestern Energy Group for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9842
+
0.528 * 1.0555
+
0.404 * 1.027
+
0.892 * 1.1069
+
0.115 * 0.9766
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1008
+
4.679 * -0.029913
-
0.327 * 1.0569
=
-2.54
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(238.738 / (238.738 + 6531.509))
/
(258.556 / (258.556 + 6902.094))
=
0.035263
/
0.036108
=
0.9766
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(171.38 - 15.649
-
416.086)
/
8703.701
=
-0.029913
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
NorthWestern Energy Group has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
NorthWestern Energy Group (NWE) has a Beneish M-Score of -2.54 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NorthWestern Energy Group and its competitors. According to the industry distribution chart, NorthWestern Energy Group ranks #279 out of 487 companies in the Utilities - Regulated industry, placing it in the top 57.3%.
Is NorthWestern Energy Group's Beneish M-Score too high?
NorthWestern Energy Group's current Beneish M-Score is -2.54. Based on the distribution chart, NorthWestern Energy Group ranks #279 out of 487 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, NorthWestern Energy Group has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NorthWestern Energy Group's Beneish M-Score compare to MGEE and POR?
According to the Utilities - Regulated industry distribution chart, NorthWestern Energy Group ranks #279 out of 487 companies for Beneish M-Score. This places NorthWestern Energy Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NorthWestern Energy Group and its competitors. NorthWestern Energy Group's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NorthWestern Energy Group stock overvalued right now?
Based on GuruFocus' analysis, NorthWestern Energy Group (NWE) is currently considered Modestly Overvalued. The stock's GF Value™ is $61.97, compared to a current price of $70.81 — trading 14.3% above its estimated fair value. The current Beneish M-Score is -2.54. NorthWestern Energy Group's overall GF Score™ is 76/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For NorthWestern Energy Group (NWE), the current Beneish M-Score is -2.54 as of Aug. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NorthWestern Energy Group (NWE) Overvalued in 2026?
Based on GuruFocus' analysis, NorthWestern Energy Group stock appears to be overvalued.
The current stock price of $70.81 is trading 14.3% above its estimated GF Value™ of $61.97.
GuruFocus considers NorthWestern Energy Group to be Modestly Overvalued.
Key valuation signals for NWE:
Beneish M-Score: -2.54
GF Value™: $61.97 vs. price of $70.81 (14.3% above fair value)
No single metric tells the full story. See the NWE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NorthWestern Energy Group Inc provides electricity and natural gas services in the Upper Midwest and Northwest of the U.S. in the states of Montana, South Dakota, Nebraska, and Yellowstone National Park. The company's primary segments include Electric, which includes the generation, purchase, transmission, and distribution of electricity, and Natural Gas, which includes the production, purchase, transmission, storage, and distribution of natural gas. It uses thermal, wind, hydro, or renewable energy in varying quantities, depending on the location of the facilities, to generate power. The company derives the majority of its revenue from the Electric segment.
76GF Score
Get the complete analysis for NWE
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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